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On March 1 2016 Mike Dials Purchased a Suit at Lenny's

Question 117

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On March 1 2016 Mike Dials purchased a suit at Lenny's Fine Apparel Store. The suit cost $800 and Mike used his Lenny's credit card. Lenny's charges 3% per month interest if payment on credit charges is not made within 30 days. On April 30 2016 Mike had not yet made his payment. What entry should Lenny's make on April 30th? a.
Uncollectible Account 800 Accounts Receivable 800\begin{array}{lrr} \text {Uncollectible Account } &800\\ \text { Accounts Receivable } &&800\\\end{array}

b.
 Bad Debt Expense776 Interest Expense 24Accounts Receivable 800\begin{array}{lrr} \text { Bad Debt Expense} &776\\ \text { Interest Expense } &24\\ \text {Accounts Receivable } &&800\end{array}


c.
 Accounts Receivable 824 Interest Expense24 Sales Revenue800\begin{array}{lrr} \text { Accounts Receivable } &824\\ \text { Interest Expense} &&24\\ \text { Sales Revenue} &&800\end{array}

d.
 Accounts Receivable24 Interest Expense24\begin{array}{lrr} \text { Accounts Receivable} &24\\ \text { Interest Expense} &&24\\\end{array}

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